Edgewater, New Jersey, October 6, 2025
News Summary
A $225 million construction loan from S3 Capital clears the way for Phase I of a major waterfront redevelopment at 615 River Road in Edgewater, New Jersey. The first phase will deliver a 25‑story tower with 381 luxury apartments, ground-floor retail, parking for more than 500 vehicles and an on-site public ferry terminal providing direct service to Manhattan’s West Side. The Maxal Group develops the project with architecture by FXCollaborative and interiors by CetraRuddy. The full master plan calls for three towers, over 1,200 units, commercial space and a 2.5‑acre public park.
Edgewater waterfront project secures $225 million construction loan; Phase I to include on-site ferry terminal
A major mixed-use development at 615 River Road in Edgewater, New Jersey has cleared a key financing hurdle. The first phase of the project — a 25-story tower with 381 luxury rental apartments and an on-site ferry terminal — has obtained a $225 million construction loan, enabling construction to begin immediately and targeting completion in the fourth quarter of 2027.
Financing and immediate next steps
The construction loan was originated by a private construction lender and brokered by a capital markets intermediary. With the capital in place, developers plan to start construction without delay on the Phase I tower. The financing covers the initial vertical work, core and shell, and interior fit-out for the residential units and ground-floor retail that are part of this first segment.
Phase I at a glance
Phase I will rise 25 stories and deliver 381 apartments, ground-level retail space, and parking capacity for more than 500 vehicles. The building will include an on-site public ferry depot providing direct service to Manhattan’s West Side and will incorporate on-site transit “super stops” with access to regional bus routes serving the Port Authority corridor. The initial phase also encompasses over 25,000 square feet of resident amenity space.
Master plan and long-term build-out
The site spans 19 acres and is planned as a roughly 1.2 million–square-foot mixed-use development with an estimated value near $1 billion. Full build-out will include three towers, more than 1,200 residential units, about 20,000 square feet of commercial space, and over 1,000 parking spaces distributed across six levels. A 2.5-acre public park with approximately 650 feet of waterfront frontage is part of the master plan. The development will provide a mix of market-rate and affordable housing options across the site.
Design, interiors and unit features
The Phase I building is designed by an established architecture firm known for high-rise urban work. The façade will feature a notched glass-and-corrugated composition intended to echo the nearby Palisades. Interiors are planned by a residential design studio aiming for a resort-style experience, with finish selections that include hardwood floors, custom cabinetry, quartz countertops, and spa-inspired stone-tiled bathrooms. Unit layouts emphasize spacious plans; most two-bedroom units will offer walk-in closets, and more than one-third of units will include flexible alcove or den spaces.
Approvals, partners and timeline
The project received local planning board approval in 2021. The developer is a New York-based real estate firm with regional experience on both sides of the Hudson River. The lender is an active originator of bridge and construction loans nationwide and has increased its geographic footprint with new offices in multiple states this year. A capital markets broker handled the loan placement. With financing in place, construction crews are scheduled to mobilize promptly and pursue the targeted fourth-quarter 2027 delivery for Phase I.
Transit-oriented context and regional activity
The inclusion of an on-site ferry terminal and direct bus connections underscores the project’s transit-oriented goals and its proximity to a major city center across the river. This financing comes amid several other recent transit-focused transactions in the region that collectively reflect sustained lender interest in residential developments near public transport hubs.
What this means for the waterfront
If delivered as planned, the development will add substantial housing and new public space to the waterfront, including the planned park and expanded transit options for commuters. The design and interior program aim to position the new building as competitive product in the coastal rental market by offering modern finishes, plentiful amenity space, and direct waterborne access to Manhattan.
Frequently asked questions
What is being built at 615 River Road?
A multi-phase, mixed-use development on a 19-acre site. Phase I is a 25-story residential tower with 381 apartments, ground-floor retail, parking for more than 500 cars, and an on-site ferry terminal.
How much financing was secured for Phase I?
A construction loan of $225 million was originated to fund the first phase of the project.
When will construction start and when is Phase I expected to be complete?
Construction is slated to begin immediately following the loan closing. Phase I delivery is targeted for the fourth quarter of 2027.
Who is developing and designing the project?
The project developer is a New York–based firm active in the region. Architectural design for Phase I is by a major architecture firm, and interior design is handled by a residential-focused studio.
What transit improvements are included?
The project includes a new public ferry depot with direct service to Manhattan’s West Side and dedicated on-site bus access points connecting to regional bus routes.
What will full build-out include?
Full build-out includes three towers, more than 1,200 residential units, roughly 20,000 square feet of commercial space, over 1,000 parking spaces, and a 2.5-acre public park with about 650 feet of waterfront frontage.
{
“@context”: “https://schema.org”,
“@type”: “FAQPage”,
“mainEntity”: [
{
“@type”: “Question”,
“name”: “What is being built at 615 River Road?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “A multi-phase, mixed-use development on a 19-acre site. Phase I is a 25-story residential tower with 381 apartments, ground-floor retail, parking for more than 500 cars, and an on-site ferry terminal.”
}
},
{
“@type”: “Question”,
“name”: “How much financing was secured for Phase I?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “A construction loan of $225 million was originated to fund the first phase of the project.”
}
},
{
“@type”: “Question”,
“name”: “When will construction start and when is Phase I expected to be complete?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “Construction is slated to begin immediately following the loan closing. Phase I delivery is targeted for the fourth quarter of 2027.”
}
},
{
“@type”: “Question”,
“name”: “Who is developing and designing the project?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “The project developer is a New York–based firm active in the region. Architectural design for Phase I is by a major architecture firm, and interior design is handled by a residential-focused studio.”
}
},
{
“@type”: “Question”,
“name”: “What transit improvements are included?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “The project includes a new public ferry depot with direct service to Manhattan’s West Side and dedicated on-site bus access points connecting to regional bus routes.”
}
},
{
“@type”: “Question”,
“name”: “What will full build-out include?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “Full build-out includes three towers, more than 1,200 residential units, roughly 20,000 square feet of commercial space, over 1,000 parking spaces, and a 2.5-acre public park with about 650 feet of waterfront frontage.”
}
}
]
}
Key project features
| Feature | Detail |
|---|---|
| Address | 615 River Road, Edgewater, NJ |
| Site size | 19 acres |
| Total project footprint | Approximately 1.2 million square feet |
| Phase I building | 25 stories |
| Phase I units | 381 apartments |
| Phase I parking | More than 500 spaces |
| Total residential at build-out | 1,200-plus units |
| On-site transit | Public ferry terminal to Manhattan West Side; on-site bus super stops |
| Commercial space (full build-out) | About 20,000 square feet |
| Public park | 2.5 acres with ~650 feet of waterfront frontage |
| Construction loan | $225 million |
| Lender originator | Private construction lender (originator) |
| Broker | Capital markets brokerage firm |
| Architect | Design firm credited with Phase I façade |
| Interior design | Residential interior studio with resort-style intent |
| Phase I delivery target | Q4 2027 |
| Planning approval | Approved by local planning board in 2021 |
Deeper Dive: News & Info About This Topic
Additional Resources
- NJBIZ: Edgewater apartments & ferry construction loan
- Wikipedia: Edgewater, New Jersey
- The Real Deal: SB Development, Hazelton score $170M construction loan
- Google Search: SB Development Cove Miami construction loan
- BusinessWire: Oak Row Equities secures $210.5M for 2900 Terrace
- Encyclopedia Britannica: Edgewater Miami 2900 Terrace
- Florida YIMBY: $210.5M construction financing for 2900 Terrace
- Google Scholar: transit-oriented development Edgewater Miami
- Profile Miami Real Estate: One Thousand Group and Terra secure $285M for Villa Miami
- Google News: Villa Miami construction loan
Author: Construction CA News
CALIFORNIA STAFF WRITER The CALIFORNIA STAFF WRITER represents the experienced team at constructioncanews.com, your go-to source for actionable local news and information in California and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Rose Parade, Coachella, Comic-Con, and the California State Fair. Our coverage extends to key organizations like the California Building Industry Association and Associated General Contractors of California, plus leading businesses in technology and entertainment that power the local economy such as Apple and Alphabet. As part of the broader network, including constructionnynews.com, constructiontxnews.com, and constructionflnews.com, we provide comprehensive, credible insights into the dynamic landscape across multiple states.
